NYC and down-payment hurdle: No family, no trust fund, only option is to save. Are HOAs as strict as they say about full 20% down and showing 12+ months liquid net to cover dues and mortgage payments?

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Yes. Many coops require more than 20%. Its a cash market here.

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Why buy in manhattan? Keep saving till you’re ready to move to the burbs or lower cost of living area. You’ll get more for your buck

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Eh, not really a suburbs person... but yeah, starting to scope out different boroughs. I’ve still got plenty of time and just need to keep saving aggressively; either way don’t want to pay PMI so 20% down is my target

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I hate to admit but McK is right 😉. Although your leverage is slightly better now compared to recent years due to a general shift to a buyers market. so you may be competing against fewer people. But you are smart to focus on sponsor units, especially uptown where demand may be a bit lighter. But uptown is “the new Williamsburg” apparently...

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Own a condo in Brooklyn. Some HOAs are not as strict so it’s worth asking the agent what their rules are if you see a unit that you like.

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And you can get that fabulous Manhattan view! Far better than being IN Manhattan. And all the best new restaurants are in Brooklyn anyway...

Just got my own place in nyc - not going to lie OP but after my experience I highly suggest looking elsewhere. I had a great deal of help from my parents and leveraged their equity to make a purchase. Even with all their help it’s still a cut throat market and working with co-op boards is a LARGE manual effort... Look into other cities that are trending I.e Denver, Dallas, etc

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Ny is amazing. You pay for what’s outside your house though. It’s worth buying because prices have held up or increased substantially. It’s a good investment I think because the space is scarce and lots of people want to be here.

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Dude it’s not worth it. I was just looking and after doing a bunch of calculations it made no sense because we probably aren’t staying here forever. The HOA fees are as much as rent at some places. I see coops requiring 50% down or no shot. It’s too wild. Unless you have seriously stacks that you can throw around I wouldn’t bother. The .01 % are balling here

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I often come to the same conclusion, mainly when I run calculations on those HOA fees. Some buildings it’s just dumb and I don’t know how people can justify it. I keep thinking I’d be better off buying a house outside the city, then a few years later leveraging or selling it to scoop up a condo downtown.

The good thing is I’m seeing prices down sharply as of recent. Hoping over the next few years with salaries moving sideways and rates increasing that prices come down further.

Also wondering- further uptown do these rules get looser? Want to buy in Manhattan but concerned it’s just not a realistic goal. Best thing I can think of in Manhattan is finding a sponsor unit but still need to save quite a bit.

What’s a sponsor unit

Just wanna make sure everyone knows that the monthly maintenance includes your property tax, building maintenance, heat & hot water, trash removal, and obviously much more if you’re in a doorman building with amenities like a gym. You can easily find a decent 1-bedroom in a walk-up building with monthlies under $1k. ($600 of which is just property tax)

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